Gold: Delivery or Default?

Tue, Apr 23, 2013 - 3:59pm

Jeez, Louise. Where does the time go? It's now 12:08 EDT and I'm just getting started. Where to begin? How do I put all of the stuff that's swimming around in my head into some kind of coherent format?

Primarily, I'm trying to connects these dots with the idea that "history doesn't necessarily repeat but it does rhyme":

  • Strong physical demand
  • Declining Comex reserves
  • The draining of the GLD, with "inventory" now down 18.16% YTD
  • Paper price raids with attendant margin hikes
  • Lease rates and cash vs futures backwardation
  • Bullion bank default
  • You see, I've come to the conclusion that the current situation is far more complicated than I had expected it to be. Rather than a simple sell-stop washout, it seems that there is something considerably more serious lurking just behind the scenes and out of our field of vision.

    Yesterday, I had a conversation with an old friend. He's a sharp guy who has been in financial services industry for over 20 years. He reads this site and has come around to the idea of "market management", not just in the metals but nearly everywhere. He asked me two simple questions:

    1. How? How did the big banks get in this position of being so heavily short?
    2. Why? Why are they heavily short and what are they trying to accomplish?

    Because we were trying to get caught up after after having lost track of each other for several months, I only had the time to answer a part of the two questions...the "why"...and forgetting that, as an industry veteran, he's far more sophisticated than the average person who asks "why". But this got me thinking. In fact, this whole exercise of dot-connecting has been rolling around in my head ever since. I'm typing this up today, not because I've solved the puzzle but because I'm hoping that the sheer exercise of typing will help the thought process.

    So I suppose I should start by revisiting my friend's question. The bullion banks are short for a number of reasons, one of which is this: For the longest time, leasing gold and selling it into the market was free money. You borrowed some gold from the BIS. You sold it at 100:1 leverage on The Comex. You took the cash from the sale and bought something else. Stocks. Bonds. Whatever. And you kept the spread. Pretty simple. And when the time came to repay the leases, you bought some gold back or simply rolled the contracts. As long as physical demand stayed low, you could theoretically play this game ad infinitum. These "bets" got larger and larger and eventually more and more banks joined the fray. And now, in some sense, here we are.

    The banks have leased, hypothecated and rehypothecated just about every ounce of gold that they can get their hands on. And again, from their point of view, all should be well.


    And the problem is...Physical Demand. Again, as stated two paragraphs ago: "As long as physical demand stayed low, you could theoretically play this game ad infinitum". But the jig is up. The cat is out of the bag. The wrench is in the works. And it all goes back to debt and quantitative easing.

    You see, the game is over. The Banks don't want to believe this but you know it's true. I know it's true. Millions worldwide know it's true. High Net Worth individuals trying to protect their assets know it's true. Sovereign Wealth and Pension funds know it's true. And, most importantly, Creditor Nation Central Banks know it's true. All of us are demanding physical gold (and silver) and it is putting incredible strain upon this current, highly-leveraged, fractional reserve bullion banking system.

    So now lets get back to trying to project the future by connecting the dots of the past and present.

    • Strong physical demand. Where do I start? 1000 mts delivered through Shanghai YTD. 15-25 mts allocated and delivered in London each day. Feb13 and April13 Comex contracts totaling deliveries of 2.5 million ounces. Sales records at the U.S. Mint. I could go on and on with links galore but you get the picture.
    • Declining Comex reserves. Registered gold reserves at the Comex have fallen to multi-year lows. As of yesterday, registered reserves were only 2.28 million ounces or enough to settle just 22,800 contracts or 5% of the total open interest.
    • The draining of the GLD, with "inventory" now down 18.16% YTD. As you know, we've been watching this closely and with amusement. Yesterday alone, the GLD shed 18.35 metric tonnes. That's 590,000 troy ounces or 1,475 London bars. Back on April 11, 2013 the GLD had "inventory" of 1,181.42 metric tonnes. As of yesterday, it was just 1,104.71. This means that since the recent paper price beatdown began seven trading days ago, the GLD has shed 76.71 metric tonnes of gold. For all of 2013, a total of 245.21 metric tonnes of gold has egressed from the GLD. That's 7,883,684 troy ounces or 19,709 London bars. (I could C&P all of the pallets necessary to hold these bars but I don't want to crash my servers.) Note the numbers, however. Almost 8MM troy ounces have been withdrawn ytd. As of yesterday, the total Comex warehouse stock of eligible (unallocated, non-deliverable) and registered (available for delivery) gold was just 8,781,909 ounces.
    • Paper price raids with attendant margin hikes. This next link isn't very much fun to read but I ask you to review it, regardless. You'll even find a comment in there from yours truly. (I like the "Franz Ferdinand" just didn't work out that way...yet.) In trying to get this point across, though, reading this old story and considering it from the perspective of current events is helpful. Note the date it was written. Think about what happened next. Then think about what has happened over the past two weeks.
    • Lease rates and cash vs futures backwardation. Now this is where it gets really interesting. Back in the late 1990s, Gordon Brown ordered the liquidation of a vast amount of English gold. He's since been ridiculed for selling at the low which has subsequently been called "Brown's Bottom". But was he really just blindly and foolishly dumping gold or was there something far more significant taking place behind the scenes? Please stop here and read this: You see, once again the "public story/narrative" is nowhere near the truth. We now know that Brown was actually forced to sell England's gold in order to stave off a bullion bank collapse, a collapse that posed a systemic risk to the global financial system. Gold was delivered for the purpose of covering Goldman Sachs' grossly mismatched leases. Deliveries were made and the system was saved. Physical demand subsided as the dot-com and real estate bubbles were inflated. With the goal of avoiding a repeat of this near-disaster, the banks began to actively manage an ascending gold price in order to keep supply and demand in some sort of equilibrium. It worked pretty well until 2008. It really began to get away from them in 2009, with the advent of overt quantitative easing. Then, in September of 2011, with the U.S. downgrade and the Swiss Franc devaluation, it was decided that price must be crushed (a plan which continues to this day) in the hopes of controlling demand. To the bankers dismay, demand for metal did not decrease. After slowing in 2012, it has increased significantly since the QE∞ announcement last autumn. Crushing price only served to buy time. And now it appears that time has run out.
    • Bullion bank default. Which then brings us to this. About four weeks ago, the Dutch bank, ABN AMRO, declared that it would no longer deliver physical gold to its clients. & & Now combine those three articles with these two bits of analysis, written in just the past 24 hours: &’s-gold-and-silver-price-slam-will-backfire-and-how. We also hear anecdotally how both Andrew Maguire and Jim Sinclair know of contacts who have recently been denied delivery of supposed "allocated" gold from their bullion bank accounts: &

    OK, so now it's 3:08 pm EDT and what have I accomplished. Are the dots connecting? Can we draw any conclusions or even educated guesses as to what might happen next? You know what...I don't know. But I do know this:

    The current situation has many parallels to past events. Is there enough evidence to conclude that the end of the fractional reserve bullion banking system is right around the corner? Perhaps "conclude" is too strong of a word. Put it this way: Is there enough evidence to infer that its a near-term possibility? Yes. Absolutely, yes.

    So what do we need to watch going forward? How about these seven items:

    1. Physical demand. If it begins to wane in the days ahead OR if it declines or ceases after the next price drop, then the banks will likely be able to buy more time.
    2. Lease rates. If the gold lease rate spikes positive like it did in 1999 or how silver did in 2011, you'll know that supply is getting extremely tight.
    3. The CoT structure. Though they haven't been able to pull it off yet, the banks may try to cover shorts to the point of being net long, thereby transferring the "short risk" to the Specs.
    4. Paper price. Do the banks dare rig price even lower, risking an even greater surge of physical demand and an increase in the rate of inventory depletion.
    5. GLD "inventory". Someone in the previous thread made mention of something that FOFOA noted recently. The GLD is down 245 tonnes YTD. It took over two months to "lose" the first 100 tonnes (1/2/13 - 3/7/13). It took about 6 weeks to lose the next 100 tonnes (3/8/13 - 4/16/13). And we have now lost 41 tonnes in the four days since. Will this acceleration continue?
    6. Comex warehouse inventories. They currently hold enough gold to settle and deliver the June and August contracts. Then what? From where will they get their gold to replenish these stocks.
    7. Global tonnage demand. Not through New York but London, Shanghai and Dubai. Does the pace of these allocations and deliveries increase or decrease with price?

    So, I've given you a lot to think about today. (Welcome to my world!) I hope I've left you with the impression that things are extremely complicated at this moment. Far more complicated than what you're being told, where the "mainstream" opinion claims that gold is declining because of a lack of global inflation or the sunny prospects of economic growth. That analysis seems a little shallow now, don't you think?

    To me it seems that the banks have once again walked the world to the precipice. If physical demand continues unabated, the fractional reserve bullion banking system will likely collapse as member firms and exchanges are eventually forced to default. Rest assured, we'll keep our eyes wide open, looking for additional clues and warning signs. For now, though, just continue to practice your primary safety drill: Buy metal, take delivery and add it to your stack. While you still can.


    About the Author

    tfmetalsreport [at] gmail [dot] com ()


    Apr 24, 2013 - 7:43am


    Hat tip & well said.

    Caution & objective thinking will be the saving grace.

    I wouldn't be lulled into the "Can't happen for 200 years "scenario though.

    It feels too real right now.

    Too many dominoes ready to tip. Too many inescapable truths coming to roost. Too many bad things going on. Too little righteous anger. Too little clear analysis leading to too few clear actions.

    There doesn't seem to be a path through whatever "this" is.

    I have an impending sense of doom and no clear direction to run. So I stack.

    And watch.

    And think.

    Apr 24, 2013 - 7:27am

    Wake up Moderator!

    We don't post porn, which is at least visually appealing, so please delete the photo of the guy with his leg blown off.

    Juggernaut Nihilism
    Apr 24, 2013 - 7:20am

    Two Things

    I have two pieces of criticism. However, understand that they pertain to the paper price/prevailing paradigm of the metals, and don't affect my monthly physical stacking. If the end of this slow-motion train wreck doesn't come for another 100 years, I'm OK with that. I'll pass my physical on to my great grandchildren, because the people who win long-term (Rothschild, etc) are those who think in terms of family, not in terms of self. When you think in terms of self, day to day price fluctuations drive you crazy because you become afraid that the predicted changes won't occur in time for you to enjoy them. When you think in terms of family, it doesn't matter because, long term, you know that the family's that stack real wealth remain dominant even as governments and currency paradigms rise and fall. Anyway, two quick things:

    1) I noticed, Turd, in your post, that you said that the jig is up, but the banks don't want to admit it, despite the fact that we all know it, and millions around the world know it. I really think this is a dangerous way to think. When we imagine that we have some secret knowledge that the market movers simply aren't privy to, it allows us to explain away all sorts of events that don't fit our thesis. Gold goes up, we say it's because of money printing and future inflation. Gold goes down, we say it's because of manipulation and key on anecdotes about coin shops being out of stock. I'm not saying either of those theses are wrong, I'm just saying it's dangerous to put ourselves in a position where nothing can possibly happen that would cause us to re-think our thesis. My point is, I don't think there is anything that the banks are unaware of in the gold and silver market. If we know it, they know, and they are, right now, pursuing a strategy to profit from it. I know we have this desire to defeat the banks, but until the whole paradigm collapses, we are playing under rules they write as they go. The best we can do in the meantime is make sure that we protect ourselves and/or profit as well. Take a simple thesis, like the amount amount of metal shorted... we say, "They are heavily short. They must cover eventually. When they do, to the moon!" Well, that's not a difficult conclusion to come to. If it were that simple, everyone would be stacking metal and preparing for the big bang. But a lot can happen, and things can stay crazy longer than people can stay solvent, especially if they don't protect themselves in other ways, or if they use leverage. When the price shoots up, it won't be because the banks finally lost control. It will because they have finally positioned themselves to profit from it.

    2) I'm very leery of a lot of the all-time records being thrown around. A general rule of all markets is that they return to the mean. When I see that physical demand, therefore, is at an all-time high, am I to believe that this is a positive indicator? If it is at an all-time high now, it could mean that the end is near and people scrambling one last time to get their hands on metal before it's all over. That's the thesis here and it may be right (I certainly add to my physical stack every month to prepare for this eventuality). But what we're essentially saying is that "it's different this time". Physical demand will not return to the mean. We, lucky we, just happen to be living in the time where everything changes, like every generation before us that believed it was living on the New Year's Eve of history. Now, I agree that the numbers are there, that things certainly seem to be shaping up that way, etc... that's why I follow this site and stack physical. I just try to remain cognizant of my confirmation bias. The evidence is overwhelming, certainly, but the evidence that the CIA is after a paranoid schizophrenic is, to him, overwhelming too. We imagine right now that physical demand is not going to back off its highs and return to the mean. But when we see all-time highs in the Dow and S&P, housing prices, etc., we are the first to cry "return to mean, return to mean!" All I'm saying is that it's important to protect yourself. I cringe whenever I see these posts by people who are going month to month on their bills and are using every spare dollar to buy physical silver because they are convinced the end is right around the corner. It may be. But it also may be another 50 years. Looking back, we can see Rome was doomed after Aurelius, but it lasted a few hundred years more. This charade could too. There was some commentor on Zerohedge the other day talking about how he had $4 in his checking account and no job, and he was having to sell his silver and gold to pay for bills and car repairs. When I suggested that he sell some of his metal to take a course in computer programming or to become an EMT or to learn to fly a helicopter or something, everyone just jumped in and talked about how that EMT cert or pilot's license would be useless when the financial system finally hit the wall and he would be sorry he didn't have his physical. This kind of thinking is poisonous, IMO.

    Those are minor criticisms, and like I said, I am on your side. So anyone getting ready to jump in and call me a JP Morgan planted troll (another ingenius defense mechanism sites like this have developed to silence critics and protect their confirmation bias), I'm the furthest thing from it. These are legit concerns I have, and that, IMO, everyone should share. If you have the ability to produce enough income for yourself and your family, or if you don't use leverage, or if you are properly hedged, then good for you, this post isn't really for you. But there are a lot of people out there putting themselves in vulnerable positions and hoping that the fiat regime collapses before they are forced into making hasty decisions.

    Apr 24, 2013 - 6:56am


    Nobody with a brain believes the CPI data, which is manufactured to exclude all items upon which people are dependent in their daily lives (Energy, Food etc.).

    Try looking at the data for CPI calculated using the methodology used before inflation became a problem and the Government "Adjusted" the method of calculation. As follows:

    Apr 24, 2013 - 6:40am

    @ tmosley

    You can define inflation to fit your confirmation bias. I define it as a rise in the price level. Look at all that hideous hyperinflation coursing through the system...

    Kill the Rooster
    Apr 24, 2013 - 6:08am

    Silver Eagles from Tulvinito

    Hi folks, long time reader, first time poster. I ordered and wired money for a monster box of eagles from tulving March 26. Arrived after much angst and phone calls, shipment arrived April 18th.

    I know many of you like Tulving, but just writing to share my experience.

    1. When you order they sell for ASK price not BID. Plus premium $2.59/oz at the time.

    2. Supposed to arrive in 7-10 shipping days (Fri not a shipping day). It arrived 14 shipping days later. 23 calendar days later.

    3. When you call to check on order they tell you: the intricacies of shipping are complicated, their insurance carrier has limitations that affect ship dates.

    4. Order ships from different state than CA, where their office is.

    With the take down in mid-April, I was down $2,000 in market value. I like to buy by the box and sell by the ounce to turn a profit and stack for myself.

    As of today I have a selling price of $32 /oz firm, any quantity. My cost basis is $31.38 / oz including product, premium & bank wire fee. So selling a whole box nets $310. So far I have sold 200 oz, but business is slow. A lot of risk for a 2% ROI. Would have been better with April take-down.

    All LCS are sold out of BU eagles, or are holding their inventory back. It seems all on-line dealers are significantly delayed. Tulving is sold-out.

    Any other recent experiences? Anybody know why tulving is not listed on How much do you trust Tulving?

    Some of the Tulving problems that i've heard on message boards have been a history of bankruptcy, lame excuses on the phone, crappy website. Imagine my anxiety when silver dropped, then their website said "sold-out" while I was waiting for my order.

    Apr 24, 2013 - 5:59am

    What is the world coming to?


    PMs are being shipped East. Paid for in "good" USD and GBP no doubt, or at least something acceptable to US & Britain. Probably buying quietly from Turkey, Iraq, Switzerland & anyone else who has some phyzz left to sell and the incentive to sell it. It is not a necessary, it is short term value storage & control in the current world. It will not grow you food or provide armour in the long term if SHTF. At best it may buy you some of those things if there are people who want to trade honestly (not just steal)

    USA and Japan are holding capture the island games? The Chinese are playing the diplomacy game with both NoKo & USA/Japan. Sort of. You couldn't expect them to roll over. Wouldn't look good. Not after playing the bogeyman (along with Russia) for all these years. Not believable.

    The Russians have been remarkably forbearing over Cyprus attempt to steal their money (never mind they got out of that bumble trap). It's the thought that counts.

    So. China & Russia are being Gentlemen to the USA/NoKo warmongers; Gracious partners to British toadies. Tolerant to EU fiscal incompetents. Getting along well with this "mature" demeanor with the BRICS. Setting up house even.

    The war torn countries have had a gutsful & would no doubt welcome some benevolent and stand-offish partners offering self determination on condition of cease fire and minimal human rights. And a small share of the natural resources in return no doubt.

    The local US populace are conditioned to be grateful for "protection" from terrorists. Even from wounded 19 year old singletons. Expect them to be desperate for protection after the next conditioning run through. This one might have a small nuke maybe. Radiation doesn't hurt people that much after all. Check out Japan. They are doing OK.

    So. If there is a global banking meltdown in the works, what will life be like for a while? Confusion? Pandemonium? Numb acceptance? Furious anger from a few perhaps.

    If the Chinese & Russians on the UP escalator see their counterpart US EU citizens on the DOWN escalator, what will they think? Sucks to be you? or What the hell is waiting for me up there?

    Maybe the world majority meet in the middle & agree on the center ground. Hell let's pool everything & choose the best natured protector on offer - maybe a worldwide protectorate of sorts. Hold on - isn't that the UN or an expanded version with worldwide rights (not just member states)??

    I can see that happening - especially popular in large urban populations after a time of chaos & lawlessness. Guess what - the self determined will not get a vote. There are too few.

    Could it be that humanitarian aide is coming to a shore near you? Meet the new boss. Same as the old boss.

    Someone talk me down if you have the inclination. The more I see of this BS the more I think a stash is only very short term insurance.

    And no I am not selling. Biartchiness may be all I have going for me ;-)

    Apr 24, 2013 - 4:30am


    Au contraire, we have been very fortunate on this Board to have had excellent input on this subject from our very own expert SRSrocco. Nothing new there.

    Apr 24, 2013 - 4:24am

    At Last

    Some figures on the actual cost of production, found via Max Keiser.

    Little comment on this site regarding this issue or am I being stupid thinking that mines may be mothballed if unprofitable or that there may be an optimum fiat price to be found due to the said costs of production?

    p.s. New Zealand Mint seem to be dragging heels on delivery and not very responsive to calls!

    Apr 24, 2013 - 4:05am

    World Silver Survey out 08.30 EDT

    Live audiocast on their website. Physical supply/demand figures for 2012 at around the $30 mark should give many pause now we are at "$24". And now it has become obvious that the price is a lot more important than the "price". Up at Cheers all.

    Subscribe or login to read all comments.


    Donate Shop

    Get Your Subscriber Benefits

    Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

    Key Economic Events Week of 10/19

    10/19 11:45 ET Goon Chlamydia
    10/20 8:30 ET Housing Starts
    10/20 1:00 pm ET Goon Evans
    10/21 10:00 ET Goon Mester
    10/21 2:00 pm ET Fed Beige Book
    10/22 8:30 ET Initial Jobless Claims
    10/23 9:45 ET Markit Oct flash PMIs

    Key Economic Events Week of 10/12

    10/13 8:30 ET CPI and Core CPI
    10/14 8:30 ET PPI
    10/14 9:00 ET Goon Chlamydia
    10/15 8:30 ET Philly Fed
    10/15 8:30 ET Empire State Idx
    10/15 8:30 ET Import Price Idx
    10/16 8:30 ET Retail Sales
    10/16 9:15 ET Cap Ute & Ind Prod
    10/16 10:00 ET Business Inv

    Key Economic Events Week of 10/5

    10/5 9:45 ET Markit Svc PMI
    10/5 10:00 ET ISM Svc PMI
    10/5 10:45 ET Goon Evans
    10/6 8:30 ET Trade Deficit
    10/6 10:00 ET JOLTS job openings
    10/6 10:45 ET Chief Goon Powell
    10/7 2:00 ET Sept FOMC minutes
    10/7 3:00 ET Goon Williams
    10/8 8:30 ET Initial jobless claims
    10/9 10:00 ET Wholesale Inventories
    10/9 12:10 ET Goon Rosengren

    Key Economic Events Week of 9/28

    9/29 8:30 ET Advance trade in goods
    9/29 9:00 ET Case-Shiller home prices
    9/29 10:00 ET Consumer Confidence
    9/30 8:15 ET ADP employment report
    9/30 9:45 ET Chicago PMI
    10/1 8:30 ET Personal Income and Spending
    10/1 8:30 ET Core Inflation
    10/1 9:45 ET Markit Manu PMI
    10/1 10:00 ET ISM Manu PMI
    10/2 8:30 ET BLSBS
    10/2 10:00 ET Factory Orders

    Key Economic Events Week of 9/21

    9/21 8:00 ET Goon Kaplan
    9/21 10:00 ET Goon Evans
    9/21 Noon ET Goon Brainard
    9/21 6:00 pm ET Goon Williams & Goon Bostic
    9/22 10:30 ET Chief Goon Powell on Capitol Hill
    9/22 Noon ET Goon Barkin
    9/22 3:00 pm ET Goon Bostic again
    9/23 9:00 ET Goon Mester
    9/23 9:45 ET Markit flash PMIs for September
    9/23 10:00 ET Chief Goon Powell on Capitol Hill
    9/23 11:00 ET Goon Evans again
    9/23 Noon ET Goon Rosengren
    9/24 1:00 pm ET Goon Bostic #3
    9/24 2:00 pm ET Goon Quarles
    9/24 10:00 ET Chief Goon Powell on Capitol Hill
    9/24 Noon ET Goon Bullard
    9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
    9/24 2:00 pm ET Goon Bostic #4
    9/25 8:30 ET Durable Goods
    9/25 11:00 ET Goon Evans #4
    9/25 3:00 pm ET Goon Williams again

    Key Economic Events Week of 9/14

    9/15 8:30 ET Empire State and Import Price Idx
    9/15 9:15 ET Cap Ute and Ind Prod
    9/16 8:30 ET Retail Sales
    9/16 10:00 ET Business Inventories
    9/16 2:00 ET FOMC Fedlines
    9/16 2:30 ET Powell Presser
    9/17 8:30 ET Philly Fed
    9/18 8:30 ET Current Acct Deficit

    Key Economic Events Week of 9/7

    9/9 10:00 ET JOLTS job openings
    9/10 8:30 ET Initial jobless claims
    9/10 8:30 ET PPI
    9/10 10:00 ET Wholesale Inventories
    9/11 8:30 ET CPI
    9/11 9:45 ET Core CPI

    Key Economic Events Week of 8/31

    9/1 9:45 ET Markit Manu Index
    9/1 10:00 ET ISM Manu Index
    9/1 10:00 ET Construction Spending
    9/2 8:15 ET ADP employment
    9/2 10:00 ET Goon Williams
    9/2 10:00 ET Factory Orders
    9/3 8:30 ET Initial jobless claims
    9/3 8:30 ET Trade Deficit
    9/3 12:30 ET Goon Evans
    9/4 8:30 ET BLSBS

    Key Economic Events Week of 8/24

    8/24 8:30 ET Chicago Fed Idx
    8/25 10:00 ET Consumer Confidence
    8/26 8:30 ET Durable Goods
    8/27 8:30 ET Q2 GDP 2nd guess
    8/27 9:10 ET Chief Goon Powell Jackson Hole
    8/28 8:30 ET Pers Inc and Consumer Spend
    8/28 8:30 ET Core Inflation
    8/28 9:45 ET Chicago PMI

    Key Economic Events Week of 8/17

    8/17 8:30 ET Empire State Manu Idx
    8/17 Noon ET Goon Bostic
    8/18 8:30 ET Housing Starts
    8/19 2:00 pm ET July FOMC minutes
    8/20 8:30 ET Jobless claims
    8/20 8:30 ET Philly Fed
    8/20 10:00 ET LEIII
    8/21 9:45 ET Markit flash PMIs July

    Recent Comments

    Forum Discussion

    by Pete, 1 hour 3 min ago
    by Green Lantern, 6 hours 23 min ago
    by 11IMIX, 7 hours 24 min ago